Shares of health care technology company Clover Health Investments, surpassed their previous 52-week high of $24.93 in pre-market on Wednesday morning.
This was an addition to a total increase in the stock’s price of almost 110% in the past week after a Reddit push to short the stock.
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After market open, its price dipped just below Tuesday’s close $22.15.
Established in 2014 and headquartered in Tennessee, Clover Health is a Medicare-supported insurance company with 458 full-time employees and gives preferred provider organization and health plans for Medicare-eligible consumers through its software platform.
In the recent days, Clover Health has become a favorite of the Reddit group WallStreetBets, which previously this year was behind the big moves in shares of other, “meme stock” status companies like GameStop Corp. and AMC Entertainment Holdings Inc.
The group has been in the limelight in the past few months for its technique of spotting stocks with heavy short interest and buying up shares to press the price up, leading to short-sellers to leaving their positions.